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Government Farm Programs and Commodity Interaction: A Simulation Analysis

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  • Daryll E. Ray
  • Earl O. Heady

Abstract

An econometric simulation model is developed which causally relates resource use, production, price, utilization, and income for major agricultural commodities. The recursive model links related commodity subsectors and utilizes time lags and feedback information. The simulation model is used to analyze the effect of selected public policies for agriculture. The first simulation tests the model's ability to predict the historical behavior of the agricultural sector. Subsequent simulations investigate the implications of free markets, increased input prices, higher price support rates for corn, and higher price support rates for wheat on resource use, output, and income for individual commodities and United States agriculture as a whole.

Suggested Citation

  • Daryll E. Ray & Earl O. Heady, 1972. "Government Farm Programs and Commodity Interaction: A Simulation Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 54(4_Part_1), pages 578-590.
    • Handle: RePEc:oup:ajagec:v:54:y:1972:i:4_part_1:p:578-590.
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